Small and medium-sized businesses, public sector organisations, and community groups developing low carbon projects across Derby, Derbyshire, Nottingham, and Nottinghamshire are being urged to apply for investment through the D2N2 Local Enterprise Partnership’s new Low Carbon Growth Fund.
The ground-breaking fund, which opens to applications from today, will invest £6.5 million in low carbon capital projects. They will create a pipeline of investable propositions that can be match funded to help our region meet high carbon dioxide output challenges and unclean industrial practices.
Through the funding, the D2N2 LEP aims to support a wide range of innovative low carbon projects from across Derby, Derbyshire, Nottingham and Nottinghamshire. Successful projects must identify new and innovative ideas, and must be able to clearly demonstrate current or future carbon reduction, including carbon sequestration.
Projects awarded funding will be encouraged to support local supply chains, helping to create new jobs and must be able to start delivery in the 2022/23 financial year. Funding will be capped at £1.5 million of D2N2 funding per project to enable the pot to invest in numerous key strategic investments.
The fund will support national and regional policy, including HM Government’s “Net Zero Strategy: Build Back Greener” and the “The Ten Point Plan for a Green Industrial Revolution.” Both set out ambitious targets for carbon reduction and incentivise investment in the public and private sector into green and carbon saving projects.
Elizabeth Fagan CBE, Chair of the D2N2 LEP, said: “The recent COP 26 UN Climate Change Conference in Glasgow highlighted the urgent need to take action now. The launch of our Low Carbon Growth Fund signals our region’s commitment to reduce carbon emissions and support the growth of our green economy.
“Investing in low carbon capital projects will support the delivery of our Recovery and Growth Strategy and our strategic aim of delivering the UK’s largest carbon turnaround.”